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Check up on savings

Posted on Apr 11, 2014 by editor

Older individuals often forget to perform checks on their retirement savings. It is essential that individuals check that their retirement savings are on track to finance their planned standard of living in retirement. Otherwise, they could be left short when they are ready to retire. A common time to perform these checks is in the final decade before the date of intended retirement; however, it is a good idea to perform them throughout a person’s working life. Performing these checks can also allow an individual to focus on maximising their super in the countdown to their retirement. Policymakers are also […]

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Division 7a in detail

Posted on Apr 11, 2014 by editor

Business owners sometimes borrow money from their own company for a variety of personal and financial reasons. However, there can be an issue with tax law compliance if the proper steps are not carried out in treating the transaction correctly. Division 7a is an integrity measure of tax legislation that comes into effect when there is a loan by a company to the business’ owners and associates, i.e. the shareholders of the company. Associates are broadly defined and can include family members and other related entities. Specifically, this tax law covers any monetary benefits including: -payments made to a shareholder […]

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Tax certainty after death for super funds

Posted on Apr 3, 2014 by editor

Recent government amendments have provided tax certainty for superannuation funds upon the death of members in receipt of a superannuation income stream. This amendment effectively allows a superannuation fund trustee to dispose of pension assets on a tax-free basis to fund the payment of death benefits. Also, the meaning of ‘superannuation income stream benefit’ now allows the superannuation fund to continue to be entitled to the earnings tax exemption in the period of the member’s death until their benefits have been paid out by: -paying them out as a lump sum -and/or commencing a new income stream This is subject […]

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Power of attorney and guardianship

Posted on Apr 3, 2014 by editor

As people get older they need to make arrangements on how to handle their estate, and their personal interests in the event of sickness or death. These include: Enduring guardianship A guardian is essentially a legally appointed substitute decision-maker. A guardian is granted powers only as is necessary to accomplish what an individual cannot do independently. Individuals can choose to create a legal document called an ‘enduring power of guardianship’ that authorises a person to make personal, lifestyle or treatment decisions on behalf of themselves.  A guardian can also be appointed by the courts. Unlike the power of attorney, each […]

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